Order entry actions

ABSTRACT

Various embodiments disclosed herein relate to order entry. In the electronic trading process, order entry involves setting one or more order entry parameters, sending one or more order entry parameters, or both setting and sending one or more order entry parameters. As will be described in more detail below, various order entry actions, such as moving a cursor across an order entry line, moving a cursor into an order entry region, pressing an order entry button, or performing a gesture, may be used to trigger the setting, sending, or both setting and sending of one or more order entry parameters. At least some embodiments relate to enabling an order entry action before the order entry action is able to set, send, or both set and send one or more order entry parameters.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. patent application Ser. No.15/490,196, filed Apr. 18, 2017, now U.S. Pat. No. 10,521,860, which isa continuation of U.S. patent application Ser. No. 14/151,366, filedJan. 9, 2014, now U.S. Pat. No. 9,672,563, which is a continuation ofU.S. patent application Ser. No. 12/827,881, filed Jun. 30, 2010, nowU.S. Pat. No. 8,660,934, the contents of each of which are fullyincorporated herein by reference for all purposes.

TECHNICAL FIELD

The present patent document relates to electronic trading. Inparticular, the present patent document relates to trading or exchangingtradeable objects, such as securities or commodities, within anelectronic trading system.

BACKGROUND

Electronic trading involves electronically matching orders to buy andsell a tradeable object. These orders may be referred to as tradeorders. During the electronic trading process, an electronic exchangegenerally performs the order matching, such that quantity of one or moretrade orders is matched with quantity of one or more contra-side tradeorders. For instance, a sell order is contra-side to a buy order withthe same price. Similarly, a buy order is contra-side to a sell orderwith the same price. Unmatched quantity of trade orders is held in theexchange order book until quantity of a trade order is matched orremoved from the order book. In addition to matching trade orders, theelectronic exchange is typically adapted to provide market data andtrade confirmation data to subscribing trading devices.

Once the data is received by a subscribing trading device, a tradingplatform or trading tool in the trading device may be adapted to outputthe data to a display screen and allow a user (e.g., a trader) tointeract with the displayed data. A trading platform may allow a user toview and process the data and place one or more trade orders. During theprocess of placing a trade order with the electronic exchange, a usergenerally provides one or more order entry parameters to the electronicexchange. The electronic exchange receives the order entry parametersand places a trade order into the exchange order book. Sometimes, analgorithmic trading platform in the trading device is used to decide onaspects of the trade order, such as the timing, price, or quantity ofthe order, or is used to initiate the order without (or with verylittle) human intervention. Unlike the example directly above, data fromthe electronic exchange may not always get displayed to the user when analgorithmic trading platform is employed.

It is desirable to improve one, some, or all of the components in theelectronic trading system.

SUMMARY

The embodiments described herein include, but are not limited to,various devices, systems, methods, and computer program products. Only afew, of the many, embodiments are summarized in this section.

In an embodiment, a method for order entry includes detecting when anorder entry action is performed, where the order entry action does notinvolve clicking an order entry button, analyzing the order entry actionto identify an order entry parameter associated with the order entryaction, and in response to detecting the order entry action, setting andsending the order entry parameter, wherein the order entry parameter issent to an exchange system.

[In an embodiment, logic encoded in one or more tangible media forexecution by a processor is provided. When executed, the logic isoperable to detect when an order entry action is performed, wherein theorder entry action does not involve clicking an order entry button,analyze the order entry action to identify an order entry parameterassociated with the order entry action, and in response to detecting theorder entry action, set and send the order entry parameter. The orderentry parameter is sent to an exchange system.]

BRIEF DESCRIPTION OF THE DRAWINGS

The drawings illustrate example embodiments. As such, the variousembodiments should not be limited to the arrangements andinstrumentality shown in the drawings. The following provides a briefdescription of the drawings.

FIG. 1 illustrates an example electronic trading system that may be usedduring the electronic trading process;

FIG. 2 illustrates an example order entry method that may be executed toperform order entry during an electronic trading process; and

FIGS. 3-12 show exemplary trade order actions.

DETAILED DESCRIPTION

Various embodiments disclosed herein relate to order entry. In theelectronic trading process, order entry involves setting one or moreorder entry parameters, sending one or more order entry parameters, orboth setting and sending one or more order entry parameters. As will bedescribed in more detail below, various order entry actions, such asmoving a cursor across an order entry line, moving a cursor into anorder entry region, selecting an order entry button, or performing agesture, may be used to trigger the setting, sending, or both settingand sending one or more order entry parameters. At least someembodiments described herein relate to the process of enabling an orderentry action. In some embodiments, an order entry action must be enabledbefore it is able to set, send, or both set and send one or more orderentry parameters.

Before explaining any further, it is worth noting again that the variousembodiments disclosed herein are not limited in their application to thedetails of design and arrangement of the components set forth in theprevious and following description or as illustrated in the drawings.Instead, the previous description, following description, and thedrawings focus on presenting concepts of various embodiments that maystand alone or be combined with each other.

i. EXAMPLE TRADING SYSTEM

FIG. 1 is a block diagram illustrating an electronic trading system(“trading system”) 100. The trading system 100 includes a trading device110, a gateway 120, and an electronic exchange system (“exchangesystem”) 130. The trading system 100 may include additional, different,or fewer components. For example, as shown in FIG. 1 and discussed inmore detail below, the trading system 100 may include a server sidedevice 140. In another example, the trading system 100 may includemultiple (for example, two or more) trading devices 110, multiplegateways 120, multiple exchange systems 130, multiple server sidedevices 140, or any combination thereof.

The trading device 110 is in communication with the gateway 120 viacommunication network 102. The trading device 110 is in communicationwith the server side device 140 via communication network 104. Thegateway 120 is in communication with the exchange system 130 viacommunication network 106 and the server side device 140 viacommunication network 108. The phrase “in communication with” mayinclude in direct communication and indirect communication through oneor more intermediary components.

Communication networks 102, 104, 106, 108 can include hardware (forexample, servers, routers, gateways, and switches), software (forexample, a trading application or a communication application),transmission channels (e.g., T1 lines, T3 lines, Integrated ServicesDigital Network (ISDN) lines), telecommunication networks (e.g., datanetwork, computer network, the Internet network, wide area network,local area network), or any combination thereof. Communication networks102, 104, 106, 108 may include wired, wireless, or both wired andwireless networks and may be the same or different types of networks.

The trading device 110 is a personal computer, a workstation, a desktop,a laptop, a mobile device, a handheld device, a server, a gateway, orother computing device(s). For example, the trading device 110 may be apersonal computer running a copy of X_TRADER®, which is an electronictrading platform provided by Trading Technologies International, Inc. ofChicago, Ill. As another example, the trading device 110 is a serverrunning an automated trading tool, such as Autotrader® or Autospreader®,which are also provided by Trading Technologies International, Inc. Inyet another example, the trading device 110 is a collection of devices,such as a personal computer and a server, working in combination witheach other.

The trading device 110 is generally owned, operated, controlled,programmed by, configured by, or otherwise used by a user. As usedherein, the phrase “user” may include, but is not limited to, a human(e.g., a trader) or an electronic trading device (e.g., including aprocessor and memory or an algorithmic trading system). One or moreusers may be involved in the ownership, operation, control, programming,configuration or other use.

The trading device 110 may be used to electronically trade one or moretradeable objects. As used herein, the phrase “tradeable object”includes products that can be traded with a quantity and a price.Exemplary tradeable objects include financial products such as stocks,options, bonds, futures, currency, warrants, funds derivatives,commodities, traded events, goods, or any combination thereof. Tradeableobjects may be “real” or “synthetic.” Real tradeable objects areproducts that are listed by an exchange. Whereas, synthetic tradeableobjects are products that are defined by a user and are not listed by anexchange. For example, a synthetic tradeable object may include acombination of real (or other synthetic) products such as a syntheticspread created by a trader utilizing the trading device 110.

Electronically trading one or more tradeable objects may include settingone or more order entry parameters, sending one or more order entryparameters, or both setting and sending one or more order entryparameters. In general, a parameter is a variable that is given aspecific value during the execution of a program or of a procedurewithin a program. A parameter is data that defines a value, such as aprice or quantity value. More specifically, an order entry parameter maybe part of, associated with, or used to define a trade order. By way ofexample, a order entry parameter may be, for example, a parameterdefining a tradeable object to be bought or sold (hereinafter, a“tradeable object parameter”), a parameter defining a price for thetradeable object(s) (hereinafter, a “price parameter”), a parameterdefining a quantity of a tradeable object to be traded (hereinafter, a“quantity parameter”), a parameter defining an order type (hereinafter,a “order type parameter”), or any combination thereof. However, otherparameters can be order entry parameters.

A tradeable object parameter, for example, defines one or more tradeableobjects to be bought or sold. In some embodiments, the tradeable objectparameter defines, for example, a trading strategy. A trading strategy,for example, defines a relationship between one or more tradeableobjects to be traded. An exemplary trading strategy is a spread betweentwo or more different tradeable objects, such as a butterfly spread or acalendar spread. Tradeable objects in a spread are typically differentthan each other. The tradeable objects generally have differentunderlying products (e.g., corn or soybeans), different expiration dates(e.g., July and September), both different underlying products andexpiration dates, or other differences. For example, a first leg may beassociated with a contract for July 2010 corn (ZCN0) and a second legdisplay may be associated with a contract for September 2010 corn(ZCU0). In this example, these tradeable objects are different tradeableobjects, even though the underlying product (e.g., corn) is the same ineach contract.

A price parameter, for example, defines a price or value (e.g., aderivative of price) for the tradeable object(s) or trading strategy tobe traded. A quantity parameter, for example, defines a quantity of atradeable object to be traded. The quantity parameter may define thenumber of units, lots, or contracts to be traded.

An order type parameter, for example, defines whether the tradeableobject(s) or trading strategy is to be bought or sold. The order typeparameter may also define whether the order is a limit order, marketorder, or other type of order.

The trading device 110 may be adapted to set, send, or both set and sendadditional, different, or fewer order entry parameters that are directlyor indirectly related to an order that has been or will be placed withthe exchange system 130. For example, the trading device 110 may send afirst order type parameter defining “buy” and a second order typeparameter defining “market order.” The first and second order typeparameters may be combined into a single message or multiple, differentmessages.

Setting an order entry parameter may include selecting, assigning, orotherwise defining a value, such as a number, letter, word, price,quantity, bit, or byte. As discussed in more detail below, in variousembodiments, setting one or more order entry parameters may be triggeredby one or more order entry actions. However, in certain embodiments, oneor more of the order entry parameters are set as default parameters. Forexample, a tradeable object parameter may be set based on a defaultparameter. A default parameter is a parameter that is automaticallyselected by a computer program in the absence of a choice made by theuser. The trading device 110 may automatically select a tradeableobject, for example, based on a trading algorithm or market condition.However, in other situations, the tradeable object may be selected by auser, for example, based on which trading tool was selected.

Sending one or more order entry parameters may include, for example,sending the one or more order entry parameters to the exchange system130 via the gateway 120 or the server side device 140. Order entryparameters, which are related to each other, may be sent at the same ordifferent times, for example, in the same message or different messages.For instance, a tradeable object parameter may be sent ahead of, oralong with, a price parameter and quantity parameter that are sent tothe trading strategy device or the server side device for the firsttime. The tradeable object parameter may be stored, for example, at theserver side device. With the tradeable object parameter already at theserver side device, subsequent incoming price and quantity parametersmay be combined or used with the tradeable object parameter and sentcollectively to the exchange system. If a change in the tradeable objectparameter occurs, then an updated tradeable object parameter may be sentahead of, or along with, price and quantity parameters following thechange. In other embodiments, a price parameter, but not necessarilyquantity parameter is sent to the gateway or server side device. Forinstance, a price parameter may be sent ahead of, along with, or after aquantity parameter.

An order entry parameter may be sent at the request from a user orautomatically. For example, a trader may utilize the trading device 110to place an order for a particular tradeable object. The trader maymanually provide various parameters for the trade order such as an orderprice, quantity, or both price and quantity. As another example, atrading device 110 may automatically calculate one or more parametersfor an order and automatically send the order. In some instances, atrading device 110 may prepare the order to be sent but not actuallysend it without confirmation from the trader.

As shown in FIG. 1, the trading device 110 includes a bus 111, aprocessor 112, a main memory 113, a data storage 114, a networkinterface 115, a display device 116, an input device 117, and an outputdevice 118. The trading device 110 may include additional, different, orfewer components. For example, multiple buses, multiple processors,multiple main memory devices, multiple storages, multiple networkinterfaces, multiple display devices, multiple input devices, multipleoutput devices, or any combination thereof may be provided. In anotherexample, the trading device 110 may not include an input device 117.Instead, for example, the trading device 110 may be controlled by anexternal or remote input device via the network interface 115.

The bus 111 is a communication bus, channel, network, circuit, or othermechanism for communicating data between components in the tradingdevice 110. The bus 111 may be communicatively coupled with and transferdata between any of the components of the trading device 110. Forexample, during an installation process of a trading application, one ormore computer-readable instructions that are to be executed by theprocessor 112 may be transferred from the data storage 114 or thenetwork interface 115 to the main memory 113. When the trading device110 is running or preparing to run the trading application stored in themain memory 113, the processor 112 may retrieve the instructions fromthe main memory 113 via the bus 111.

The processor 112 may be a general processor, digital signal processor,application specific integrated circuit, field programmable gate array,analog circuit, digital circuit, programmed processor, combinationsthereof, or other now known or later developed processing device. Theprocessor 112 may be a single device or a combination of devices, suchas associated with a network or distributed processing. Any processingstrategy may be used, such as multi-processing, multi-tasking, parallelprocessing, remote processing, or the like. Processing may be local orremote and may be moved from one processor to another processor.

The processor 112 may be operable to execute logic encoded in one ormore tangible media, such as main memory 113 or data storage 114. Asused herein, logic encoded in one or more tangible media includesinstructions that are executable by the processor 112 or a differentprocessor. The logic may be stored as part of software, hardware,integrated circuits, firmware, micro-code or the like. The logic may bereceived from an external communication device via a communicationnetwork, for example, connected to the Internet. The processor 112 mayexecute the logic to perform the functions, acts or tasks illustrated inthe figures or described herein.

The main memory 113 and data storage 114 may be tangible media, such ascomputer readable storage media. Computer readable storage media mayinclude various types of volatile and non-volatile storage media,including but not limited to random access memory, read-only memory,programmable read-only memory, electrically programmable read-onlymemory, electrically erasable read-only memory, flash memory, magnetictape or disk, optical media, any combination thereof, or any other nowknown or later developed tangible data storage device. The main memory113 and data storage 114 may be a single device or, as shown in FIG. 1,different devices. The main memory 113 and data storage 114 may beadjacent to, part of, programmed with, networked with, or remote fromprocessor 112, such that data stored in the main memory 113 and datastorage 114 may be retrieved and processed by the processor 112, forexample.

The main memory 113 and data storage 114 may be the same or differenttypes of memory. For example, in one embodiment, the main memory 113includes both random access memory (RAM) and read only memory (ROM). Inthis example, the RAM is a dynamic storage device that storesinformation and instructions to be executed by processor 112. The RAMalso may be used for storing temporary variable or other intermediateinformation during execution of instructions to be executed by processor112. The ROM is a static storage device for storing static informationand instructions for processor 112. Furthermore, in this example, thedata storage 114 may be a magnetic disk, optical disk, or flash memoryfor storing information to be processed by the processor 112 andinstructions to be executed by the processor 112.

The main memory 113 and data storage 114 may store instructions that areexecutable by the processor 112. The instructions may be executed toperform one or more of the acts or functions described herein or shownin the figures. For example, the instructions are executed to performone, some, or all of the acts shown in FIG. 2.

The network interface 115 may be a one-way or two-way communicationcoupling. Accordingly, the network interface 115 may communicativelyconnect one, two, or more communication networks or devices. Forexample, the bus 111 may be coupled with the communication network 102and the communication network 104 via the network interface 115, suchthat one, some, or all of the components of the trading device 110 areaccessible or can communicate via the communication network 102 and thecommunication network 104. Additionally, or alternatively, the networkinterface 115 may couple the bus 111 with other communication networks.The network interface 115 may be, for example, an integrated servicesdigital network (ISDN) card or a modem to provide a data communicationconnection. As another example, network interface 115 may be a localarea network (LAN) card to provide a data communication connection to acompatible LAN, for example, connected to the Internet. Wireless linksmay also be implemented. The network interface 115 may send and receiveelectrical, electromagnetic, or optical signals that carry analog ordigital data streams representing various type of information.

The display device 116 may a visual output device, cathode ray tube(CRT) display, electronic display, electronic paper, flat panel display,light-emitting diode (LED) displays, electroluminescent display (ELD),plasma display panels (PDP), liquid crystal display (LCD), thin-filmtransistor displays (TFT), organic light-emitting diode displays (OLED),surface-conduction electron-emitter display (SED), laser television,carbon nanotubes, nanocrystal displays, head-mounted display, projector,three-dimensional display, transparent display device, or other nowknown or later developed display.

The display device 116 is adapted to display a trading screen. Tradingscreens are electronic trading interfaces that enable traders to performelectronic trading acts, such as setting order entry parameters orsending the order entry parameters. Trading screens may also be used forviewing market data. Trading screens may also be used to automate theseand additional actions. Trading screens may be provided by a tradingapplication. For example, during operation, X_TRADER™ may provide anelectronic trading interface, referred to as MD Trader™ in which workingorders and bid and ask quantities are displayed in association with alist of price levels.

Trading screens may display one or more trading tools. Trading tools areelectronic tools that allow, assist with, or facilitate electronictrading. Exemplary trading tools include, but should not be limited to,charts, trading ladders, order entry tools, automated trading tools,automated spreading tools, risk management tools, order parameter tools,order entry systems, market grids, fill windows, and market orderwindows, combinations thereof, other electronic tools used for trading,preparing to trade, or managing trades.

Trading screens may display market information and may be interactive.An interactive trading screen may allow, for example, one or moretrading actions to be performed using the trading screen. For example,as will be discussed below, an interactive trading screen may allow oneor more order entry parameters to be set, sent, or set and sent usingone or more order entry actions. The display device 116 or input device117, for example, may be used to interact with the trading screen.

The input device 117 may be, for example, a keyboard, mouse, microphone,touch-screen, trackball, keypad, joystick, or other device for inputtinga signal. The input device 117 may be used, for example, to providecommand selections to processor 112. For example, the input device 117may be a mouse that is used to control a cursor displayed on a tradingscreen. The mouse may include one or more buttons for selection andcontrol. Likewise, the output device 118 may be, for example, akeyboard, mouse, speakers, touch-screen, trackball, keypad, hapticdevice or system, joystick, or other device for outputting a signal. Theoutput device 118 is used, for example, to output one or more signals,such as a haptic signal or an audio signal, to a user.

The gateway 120 is adapted to communicate with the trading device 110and the exchange system 130 and may facilitate communication between theclient device 110 and the server side device 140 and the exchange system130. For example, the gateway 120 may receive trade orders from theclient device 110 and transmit the trade orders to the exchange system130. As another example, the gateway 120 may receive market data fromthe exchange 130 and transmit the market data to the trading device 110.

The gateway 120 performs processing on data communicated between theclient device 110 and the exchange system 130. For example, the gateway120 may process a trade order received from the trading device 110 intoa data format acceptable by the exchange 130. Similarly, the gateway 120may transform market data in an exchange-specific format received fromthe exchange 130 into a format understood by the trading device 110. Theprocessing may include protocol translation or conversion. Theprocessing of the gateway 120 may also include tracking orders from thetrading device 110 and updating the status of the order based on fillconfirmations received from the exchange system 130, for example. Asanother example, the gateway 120 may coalesce market data from one ormore exchange systems and provide it to the trading device 110.

In general, the exchange system 130 may be owned, operated, controlled,or used by an exchange. Exemplary exchanges include the LondonInternational Financial Futures and Options Exchange (“LIFFE”), theChicago Board of Trade (“CBOT”), and the Chicago Mercantile Exchange(“CME”). The exchange system 110 may be an electronic matching system,such as a computer, server, or other computing device, that is adaptedto allow tradeable objects, for example, offered for trading by theexchange, to be bought and sold.

The exchange system 130 is adapted to match quantity of a trade orderwith quantity of another trade order that can result in an order fill orpartial fill. A trade order may include one or more order entryparameters. For matching purposes, the exchange system 110 includes amatching engine adapted to match the trade orders. The exchange system130 is adapted to match trade orders to buy and sell one or moretradeable objects. The tradeable objects may be listed for trading bythe exchange system 130. A trade order may be received from the clientdevice 110 or from the server side device 140. A trade order may also bereceived from the client device 110 through the gateway 120, forexample. In addition, a trade order may be received from other devicesin communication with the exchange system 130. Typically the exchangesystem 130 will be in communication with a variety of other clientdevices (which may be similar to client device 110) that also provideorders to be matched.

Furthermore, the exchange system 130 is adapted to provide market data.The market data may be provided to the client device 110, for example,through the gateway 120. Once received, the trading device 110 mayprocess and display the market data. If displayed, the market data maybe displayed on the display device 116, for example, as part of atrading screen.

As mentioned above, the trading system 100 may include a server sidedevice 140. The server side device 140 may be a server, gateway,personal computer, remote processing device, a combination thereof, orother computing device. For example, the server side device 140 may be aserver running an automated trading tool, such as Autospreader™ orAutotrader™, both of which are provided by Trading TechnologiesInternational, Inc. The automated trading tool may be controlled usingthe trading device 110, even though the server, along with the gateway120, may be physically located at, in, around, or near the exchangesystem 130.

The server side device 140 may provide processing at a site that isphysically located closer to the exchange system 130 than the tradingdevice 110. Accordingly, all, some, or none of the acts or functions ofthe trading device 110, the gateway 120, or both the trading device 110and gateway 120 may be performed by the server side device 140. Forexample, the exchange system 130 may be running a copy of X_TRADER™ thatis controlled by the trading device 110.

The server side device 140 may be in communication with and coupled withthe gateway 120 via communication network 106. The server side device140 may receive one or more order entry parameters. The exchange system130 may submit a trade order to the exchange system 130, for example,via the gateway 120. The trade order may include one or more the of theorder entry parameters received from the trading device 110. The serverside device 140 may also be adapted for working the trade order with theexchange system 130. Working a trade order may include submitting atrade order, re-quoting a trade order, cancelling a trade order, sendinga hedge order, managing a trade order, or any combination thereof.

In some embodiments, the server side device 140 may be adapted tocommunicate directly with the exchange system 130 and may be able tocommunicate with the exchange system 130 without the gateway 120.

Before explaining further, it is noted that the trading system 100 isprovided as an exemplary embodiment. The configuration and arrangementmay change depending on the exact implementation. For example, theconfiguration and arrangement may change depending the requirements ofthe electronic exchange. Furthermore, other now known or later developedcomponents may be incorporated into the trading system 100.

ii. ORDER ENTRY METHOD

FIG. 2 illustrates an example of an order entry method 200. The orderentry method 200 is implemented using the system 100 of FIG. 1 or adifferent system. For example, in certain embodiments, one, some, or allof the acts in the order entry method 200 are executed by the tradingdevice 110 of FIG. 1.

The order entry method 200 may include detecting one or more order entryactions 210, determining whether the one or more order entry actions areenabled 220, analyzing the one or more order entry actions 230, settingone or more order entry parameters 240, collecting one or moreadditional order entry parameters 250, and sending one or more orderentry parameters 260. However, the order entry method 200 may includeadditional, different, or fewer acts. For example, the order entrymethod 200 may not include act 250. In another example, acts 250 and 260may not be included in the order entry method 200.

The acts may be performed in the order shown in FIG. 2 or a differentorder. For example, act 210 may be performed after or at the same timeas act 220. In another example, act 250 may be performed at the sametime as or before either act 230 or act 240.

In act 210, a trading device, such as the trading device 110 of FIG. 1,may detect one or more order entry actions. As discussed in more detailbelow, detecting one or more order entry actions may include detectingwhen a cursor is moved across an order entry line, a cursor is movedinto an order entry region, an order entry button is activated (e.g.,pressed down, released up, or both); an order entry gesture isperformed, or any combination thereof.

In act 220, the trading device determines whether one or more orderentry actions are enabled. In the event that the one or more order entryactions are enabled (e.g., “ENABLED” in FIG. 2), the order entry methodproceeds to act 230. Otherwise, in the event that the one or more orderentry actions are not enabled (e.g., “NOT ENABLED” in FIG. 2), the orderentry method 200 may proceed back to act 210. Alternatively, the orderentry method may proceed back to just prior to act 220.

When an order entry action is enabled, performing the order entry actionmay produce a result, such as setting one or more order entryparameters, sending one or more order entry parameters, or both settingand sending one or more order entry parameters. However, in the eventthat the order entry action is not enabled, performing the order entryaction does not produce a result. For example, in certain embodiments,when the order entry action is not enabled, the order entry action maystill be performed, however, the performance will not produce a result.By way of example, in the event that an order entry action, such ascrossing an order entry line is not enabled, the cursor may still moveacross the order entry line; however, the result, such as setting anorder entry parameter, may not be completed.

However, in some embodiments, if the order entry action is not enabled,the user may be prevented from even performing the order entry action.By way of example, as will be discussed in more detail below, an orderentry region may have an order entry gate. The order entry gate may beclosed, for example, preventing access to the order entry region, whenthe order entry action is not enabled. However, upon enabling the orderentry action, the order entry gate may open and a cursor may be movedinto an order entry region.

In act 230, the trading device analyzes the one or more order entryactions. Analyzing one or more order entry actions may include mappingone or more order entry actions to one or more order entry parameters.An order entry action may be associated with one or more order entryparameters and may be used to identify the one or more order entryparameters that should be set, sent, or both set and sent. For example,an order entry line may be associated with a specific price parameterand order type parameter. When a cursor crosses the order entry line,the trading device may be adapted to identify the specific priceparameter and order type parameter.

In act 240, the trading device sets one or more order entry parameters.Setting one or more order entry parameters may include preparing foruse, for example, by formatting or otherwise preparing to send the oneor more order entry parameters. Setting an order entry parameter mayinclude defining a value for the parameter. For example, a value, suchas a price value (e.g., 94) may be defined for a price parameter. Othervalues may be defined for other parameters. Additionally, oralternatively, setting one or more order entry parameters may includeloading the one or more order entry parameters into message or packet.

In act 250, the trading device obtains one or more additional orderentry parameters. Obtaining one or more additional order entryparameters may include receiving, requesting, retrieving, or otherwiseobtaining one or more additional order entry parameters. In certainembodiments, one or more additional order entry parameters are presetparameters. As used herein, a preset parameter may be default parameteror a parameter that is set prior to one or more order entry actionsbeing performed. Preset parameters may be stored in memory. For example,an object definition parameter may be a preset parameter, for example,when a trading tool is selected for operation. A trading tool may beassociated with a specific tradeable object. Accordingly, when thetrading tool is selected, the object definition parameter may be set todefine, for example, the specific tradeable object. The objectdefinition parameter may be referred to as a preset parameter, forexample, because it is associated with each order entry parameter thatis set using a trading tool.

In act 260, the trading device sends one or more order entry parameters,for example, to a server side device, exchange system, memory, or othercommunication device. The one or more order entry parameters may includethe one or more order entry parameters that were set in act 240, the oneor more additional order entry parameters obtained in act 250, or acombination thereof.

In certain embodiments, the trading device sends the one or more orderentry parameters to a server side device, such as the server side device140 of FIG. 1, which is adapted to work a trade order with the exchangesystem, such as the exchange system 130 of FIG. 1. The server sidedevice may receive the one or more order entry parameters from thetrading device and generate a trade order using the one or more orderentry parameters. When generating the trade order, the server sidedevice may combine the one or more order entry parameters received fromthe trading device with one or more order entry parameters stored on theserver side device. Once generated, the server side device may submitthe trade order to the exchange system, for example, via one or moreintermediary components, such as a gateway. Alternatively, the tradeorder may be submitted directly to the exchange system.

In certain embodiments, the trading device may send one or more orderentry parameters to the exchange system, for example, via a gateway,such as the gateway 120. The one or more order entry parameters may besent in the form of a trade order to the exchange system. The tradingdevice may generate and submit a trade order including the one or moreorder entry parameters.

In certain embodiments, the trading device may send the one or moreorder entry parameters to a local or remote storage device. The one ormore order entry parameters may be stored, for example, locally in thetrading device or at a remote data store. For example, the one or moreorder parameters may be sent to main memory 113 or data storage 114 ofFIG. 1 or to a remote data store via the network interface 115.

iii. ORDER ENTRY ACTIONS

As mentioned above, in various embodiments, the trading device 110 isadapted to set one or more order entry parameters, send one or moreorder entry parameters, or both set and send one or more order entryparameters. Setting, sending, or both setting and sending one or moreorder entry parameters is, for example, performed in response to orbased on one or more order entry actions. An order entry action may be,for example, an action performed or initiated by a trader. Exemplaryorder entry actions include, but should not be limited to, moving acursor across an order entry line, moving a cursor into an order entryregion, pressing an order entry button, or performing a gesture. Otherorder entry actions may be performed when setting, sending, or settingand sending one or more order entry parameters.

As will be described in more detail below, FIG. 3-FIG. 12 illustrateexemplary order entry actions. More specifically, FIG. 3 and FIG. 4illustrate various embodiments where moving a cursor across an orderentry line is an order entry action. FIG. 5 and FIG. 6 illustratevarious embodiments where moving a cursor into an order entry region isan order entry action. FIG. 7 and FIG. 8 illustrate various embodimentswhere activating an order entry button is an order entry action. FIG.9-12 illustrate various embodiments where performing a gesture is anorder entry action.

A. Order Entry Line

FIG. 3 illustrates an example trading screen 300. The trading screen 300includes a cursor 310 and an order entry line 320. In variousembodiments, the trading screen 300 may include additional, different,or fewer components. For example, as shown in FIG. 3 and explained inmore detail below, the trading screen 300 may include additional orderentry lines, such as order entry line 330, order entry line 340, orderentry line 350, or any combination thereof. In another example, as shownin FIG. 3, the trading screen 300 includes one or more trading tools,such as a price axis 360, bid quantity axis 370, ask quantity axis 380,or any combination thereof. The price axis 360, bid quantity axis 370,and ask quantity axis 380 may be referred to collectively as a marketdepth trading tool. A market depth trading tool may be used to placeorders for a tradeable object and display market depth at certain pricelevels. Other trading tools, such as charts, parameter fields, lasttraded quantity axis, order entry axis, or other trading tools relatedto order entry, may be included in the trading screen 300.

The trading screen 300, as well as the components and tools included inthe trading screen 300, may be displayed, for example, on the displaydevice 116 of FIG. 1 or a different display device.

The cursor 310 is controlled by a user, for example, using an inputdevice, such as the input device 117 of FIG. 1 or a different inputdevice. The cursor 310 may be a pointer or other indicator used to showthe position on a display device that will respond to input from a textinput or pointing device. The cursor 310 is displayed as part of thetrading screen 300 and controlled by the user to set, send, or bothorder entry parameters. Although a single cursor is shown, it ispossible that there are multiple cursors, which may be used to performthe same or different order entry actions.

During operation, a user moves the cursor 310 (e.g., using an inputdevice) across one or more of the order entry lines 320, 330, 340, 350.An order entry line may be used to set, send, or both set and send oneor more order entry parameters, as described above. Accordingly, eachorder entry line may be associated with setting one or more order entryparameters, a command to send one or more order entry parameters, orboth. For example, in the example of FIG. 3, order entry line 320 isassociated with an ask at price value of “94” (e.g., shown in the priceaxis 360), order entry line 330 is associated with an ask at price valueof “95,” order entry line 340 is associated with a bid at a price valueof “96,” and order entry line 350 is associated with a bid at a pricevalue of “97.” This association can change if the inside market isre-centered or repositioned manually or automatically.

When the user moves the cursor 310 across or over the order entry line320, as illustrated by the star 312, a price parameter may be set to avalue of 94 and an order type parameter may be set to “buy.” The ordertype parameter is set to “buy” because of the location of the selectedprice level relative to the inside market. For example, since the insidemarket is below the price level of “94,” the order type parameter is setto “buy.” Other relationships may be used for setting the order typeparameter as well. However, in other embodiments, the order typeparameter may be a default parameter. The price parameter and order typeparameter may be combined with one or more additional order entryparameters or sent by themselves. For example, price parameter and ordertype parameter may be combined with (e.g., sent with) a preset quantityparameter. The quantity parameter may have been defined in a text fieldprior to, at the same time as, or after the price and order typeparameters being set. There may optionally be a visual or auditory orother indication that the crossing of the order entry line has set aparameter. The value of the parameter may optionally be displayedvisually on the interface or indicated via an auditory notification as aresult of the crossing of the order entry line.

In the event that the price and order type parameters are set but notsent in response to the cursor crossing the order entry line 320,because that instance of the order entry line had been configured to setbut not send, then the user may use the cursor 310 to initiate sendingthe order entry parameters. For example, a send button can be selected(e.g., pressed) to send all, some, or none of order entry parameters.The order entry parameters can be sent, for example, to a server sidedevice or gateway connected to an exchange system. An order entry buttoncan be selected to send at any time after setting.

Before explaining any further, it is worth noting again that the tradingscreen 300 or various components may be displayed as shown in FIG. 3 orwith a different configuration. More specifically, one, some, or all ofthe order entry lines may be displayed vertically, horizontally, at anyangle, or any combination thereof. Likewise, instead of being displayedin a column formation (e.g., stacked on top of each other), the orderentry lines may be partially or fully disposed in a row (e.g., next toeach other), at different corners of the trading screen, or alongdifferent columns, rows, or both columns and rows.

Furthermore, in various embodiments, an order entry line can bedisplayed on, overlaid onto, adjacent to, in combination with, or inreplacement of a region, image, number, letter, display device, tradingtool, or trading screen. For example, the order entry line 320 may beoverlaid onto a boundary associated with the price value “94” in theprice column 360 (e.g., the right-side boundary of the price column360). The order entry line 330 may be overlaid onto a boundaryassociated with the price value “95” in the price column 360 (e.g., theright-side boundary of the price column 360). The order entry line 340may be overlaid onto a boundary associated with the price value “96” inthe price column 360 (e.g., the left-side boundary of the price column360). The order entry line 350 may be overlaid onto a boundaryassociated with the price value “97” in the price column 360 (e.g., theleft-side boundary of the price column 360).

In various embodiments, an order entry line may be straight or curved.For example, as shown in FIG. 3, the order entry lines are straight.However, in other examples, one or more of the order entry lines mayinclude one or more curves. Furthermore, one or more of the order entrylines may be shaped into letters, numbers, pictures, or other shapes.For example, in various embodiments, the order entry line 320 may beshaped as a square and overlaid onto all of the boundaries of the pricecolumn 360 associated with the price value “94.” In another example, theorder entry line 320 is configured as number or a series of numbers,such as a “9,” a “4,” or “9” and “4” and placed in the price column 360as a replacement of all or some of the text associated with the pricevalue “94.”

FIG. 4 illustrates using a plurality of order entry lines to set variousorder entry parameters and using an order entry line to send the variousorder entry parameters. FIG. 4 illustrates a trading screen 400. Thetrading screen 400 includes a cursor 402 and a plurality of order entrylines 410-432. The plurality of order entry lines 410-432 may beassociated with a different order entry parameter. Each order entry linemay be used to set a different order entry parameter.

Order entry lines 410, 412 may be used to set a trading objectparameter. For example, order entry line 410 may be associated withtradeable object A and order entry line 412 may be associated withtradeable object B. Accordingly, since the cursor 402 crossed (e.g.,illustrated by the star in FIG. 4) order entry line 412, the order entryparameter is set to tradeable object B. However, in the event that thecursor 402 crossed order entry line 410 instead of order entry line 412,the order entry parameter would be set to tradeable object A. Tradeableobject A may be the same or different than tradeable object B.

In various embodiments, an order entry line may represent all or some ofa trading strategy, such as a spread. For example, an order entry linemay be associated with multiple (e.g., two or more) tradeable objects.An order entry line may correspond to multiple legs of a spread.However, in another example, a trader may each select a trading strategyby crossing multiple order entry lines that are associated withdifferent tradeable objects.

Order entry lines 414, 416 may be used to set an order type parameter.Order entry line 414 may be associated with “buy” and order entry line416 may be associated with “sell.” In the example of FIG. 4, since thecursor 402 crossed (e.g., illustrated by the star in FIG. 4) order entryline 416, the order entry parameter is set to “sell.” However, in theevent that the cursor 402 crossed order entry line 414 instead of orderentry line 416, the order entry parameter would have been set to “buy.”

Order entry lines 418-424 may be used to set a quantity parameter. Forexample, order entry line 418 may be associated with a first quantityvalue, order entry line 420 may be associated with a second quantityvalue, order entry line 422 may be associated with a third quantityvalue, and order entry line 424 may be associated with a fourth quantityvalue. In the example of FIG. 4, since the cursor 402 crossed (e.g.,illustrated by the star in FIG. 4) order entry line 420, the quantityparameter is set to the second quantity value. Likewise, in the eventthat the cursor 402 had crossed one of the other order entry lines 418,422, or 424, the quantity parameter would have been set to theassociated quantity value. The first, second, third, and fourth quantityvalues may be the same or different as each other.

Order entry lines 426-430 may be used to set a price parameter. Forexample, order entry line 426 may be associated with a first pricevalue, order entry line 428 may be associated with a second price value,and order entry line 430 may be associated with a third price value. Inthe example of FIG. 4, since the cursor 402 crossed (e.g., illustratedby the star in FIG. 4) order entry line 426, the price parameter is setto the second quantity value. Likewise, in the event that the cursor 402had crossed one of the other order entry lines 428 or 430, the priceparameter would have been set to the associated price value. The first,second, and third price values may be the same or different as eachother.

Order entry line 432 may be used to send the various order entryparameters. Order entry line 432 may be associated with a command tosend the order entry parameters set using the order entry lines 410-430,any additional order entry parameters (e.g., which were associated withpreset or default values), or any combination thereof. In the example ofFIG. 4, since the cursor 402 crossed (e.g., illustrated by the star inFIG. 4) the order entry line 432, the associated order entry parametersmay be sent, for example, to a server side device or exchange system viaa gateway. Order entry lines may correspond to +1, −1 from insidemarket.

In various embodiments, one or more of the order entry lines maydynamically change positions on the trading screen. Movement may bebased on, for example, position of the cursor 402, position of a crossedorder entry line, or predicted position of the cursor 402. Movement ofthe order entry lines may minimize the distance that the cursor needs tomove to cross an order entry line. For example, as shown in FIG. 4, theorder entry line 432 may dynamically move in direction 440 such that thedistance between the order entry line 432 and order entry line 426(e.g., the last crossed order entry line) is minimized or reduced. As aresult, the position of an order entry line may dynamically change basedon the operation of the user.

B. Order Entry Region

FIG. 5A illustrates an example trading screen 500. The trading screen500 may include one or more order entry regions, such as order entryregions 510-540. Each order entry region may be associated with one ormore order entry parameters, a command to send one or more order entryparameters, or a combination thereof. For example, in the example ofFIG. 5, the order entry region 510 may be associated with a price valueof “97” and an order type of “buy.” The order entry region 520 may beassociated with a price value of “96” and an order type of “buy.” Theorder entry region 530 may be associated with a price value of “95” andan order type of “sell.” The order entry region 540 may be associatedwith a price value of “94” and an order type of “sell.”

One, some, or all of the order entry regions 510-540 may include aborder 504 and one or more order entry gates 506. The border 504 mayprevent the cursor 502 from entering into or exiting the order entryregion and an order entry gate 506 may permit entering and exiting theorder entry region. The cursor 502 is unable to cross the border 504 butmay be moved through the order entry gate 506. The order entry gate 506may be an opening in the border 504. In various embodiments, the orderentry gate 506 may provide resistance. For example, the order entry gate506 may be closed at certain times and open at other times. The user mayopen the order entry gate 506, for example, by pressing a button,“tapping” the order entry gate 506 with the cursor 502, or other act foropening the order entry gate 506. When attempting to enter or exit theorder entry region, the cursor 502 is maneuvered, for example, by theuser using an input device, through the order entry gate 506. This mayinclude opening the order entry gate 506. The border 504 and one or moreorder entry gates 506 may be configured in any shape, size, or position.

One or more order entry parameters may be set, sent, or both set andsent when the cursor is maneuvered into the order entry region. Forexample, as shown in FIG. 5A, when the cursor 502 is maneuvered orsteered through the order entry gate 506 and into the order entry region530, the price parameter may be set to a value of “95” and the ordertype parameter may be set to a value of “sell.” In various embodiments,although not required, the price parameter and order type parameter mayalso be immediately or in delayed fashion sent in response to the cursor502 entering the order entry region 530. Likewise, the price parameterand order type parameter may be set to other values depending on whichorder entry region the cursor 502 was moved into.

FIG. 5B illustrates an order entry region with multiple entry gates,such as order entry gates 572-578. Each one of the order entry gates maybe associated with setting, sending, or both setting and sending one ormore order entry parameters. In various embodiments, the order entrygates may be used to set, send, or both set and send one or more orderentry parameters. For example, as shown in FIG. 5B, the first orderentry gate 572 may be associated with tradeable object A. Order entrygate 574 may be associated with buying at a first price value. Orderentry gate 576 may be associated with buying at a second price value.Order entry gate 578 may be associated with buying at a third pricevalue. In the example of FIG. 5B, the tradeable object parameter may beset to tradeable object A since the cursor 502 was moved through orderentry gate 572 (e.g., as illustrated by the star near order entry gate572), and the order type parameter may be set to “buy” since the cursor502 was moved through (e.g., as illustrated by the star near order entrygate 578) the order entry gate 578.

FIG. 5C illustrates a series (e.g., including two or more) of orderentry regions 580. The series of order entry regions 580 may be used toset, send, or set and send one or more order entry parameters. Forexample, as shown in FIG. 5C, the order entry region 582 may be used toset a price parameter and the order entry region 584 may be used to sendthe price parameter. In another example, the order entry region 582 maybe used to set a price parameter and the order entry region 584 may beused to set a quantity parameter. In yet another example, the orderentry region 582 may be used to set a price parameter and the orderentry region 584 may be used to select a default parameter, for example,in the event that there are multiple default parameters to choose among.

The series of order entry regions 580 may include additional order entryregions, for example, such that a combination of order entry parametersmay be selected and set. The order entry regions may be displayed in anyformat. For example, the order entry regions may be displayed in acolumn, in a row, or at an angle relative to each other. Furthermore,the size and shape of one or more of the order entry gates may vary. Forexample, instead of placing an order entry gate along the side of theorder entry region, an order entry gate may be disposed at a corner ofthe order entry region.

FIG. 6A and FIG. 6B illustrate various examples of moving a cursor intoan order entry region without a border. More specifically, FIG. 6Aillustrates moving a cursor into an order entry region without a borderand FIG. 6B illustrates moving a cursor into a sub-region of the orderentry region.

FIG. 6A illustrates an example trading screen 600. As mentioned above, atrading screen may include one or more order entry regions. For example,as shown in FIG. 6A, the trading screen 600 includes order entry regions610, 620, 630, 640. The cursor 602 is moved into the order entry region630, for example, under the control of the user using the input device.

An order entry region may not include a border that prevents the cursorfrom entering or exiting the order entry region. Without a border, thecursor 602 may enter or exit the order entry region from any direction.The order entry region may overlay one or more trading tools. Forexample, as shown in FIG. 6A, the order entry region may overlay orrepresent all or some of the bid quantity column, price column, and askquantity column. In other embodiments, an order entry region may overlayor represent a single trading tool. For example, the order entry regionmay overlay only the price column.

In FIG. 6A, the order entry region 610 is associated with a price valueof “97” and an order type of “buy.” The order entry region 620 isassociated with a price value of “96” and an order type of “buy.” Theorder entry region 630 is associated with a price value of “95” and anorder type of “sell.” The order entry region 640 is associated with aprice value of “94” and an order type of “sell.”

In the event that the cursor 602 is moved into the order entry region630, the price parameter may be set to a value of “95” and the ordertype parameter may be set to a value of “sell.” Similarly, in the eventthat the cursor 602 is moved into one of the other order entry regions610, 620, 640, the price parameter and order type parameter may be setin accordance with the associated values.

The various order entry parameters may be sent in response to the cursor602 being moved into the order entry region 630. However, in otherembodiments, a separate, independent order entry action may be performedto send the various order entry parameters.

An order entry region may include one or more sub-regions associatedwith the same or different order entry parameters. For example, as shownin FIG. 6B, the order entry region 630 may include sub-region 632,sub-region 634, and sub-region 636. The sub-regions 632-636 may beassociated with the quantity parameter. For example, sub-region 632 maybe associated with a quantity of “1,” sub-region 634 may be associatedwith a quantity of “5,” and sub-region 636 may be associated with aquantity of “10.” Accordingly, in addition to setting the priceparameter and order type parameter when the cursor 602 is moved into theorder entry region 630, the quantity parameter may be set depending onwhich sub-region the cursor 602 is moved into. For example, as shown inFIG. 6B, since the cursor 602 is moved into sub-region 636, the quantityparameter may be set to a value of “10.” Similarly, in the event thatthe cursor 602 was moved into sub-region 632 or 634, the quantityparameter would have been set to the corresponding value.

C. Order Entry Button

FIG. 7 and FIG. 8 illustrate various embodiments of using an order entrybutton to perform an order entry action. More specifically, FIG. 7illustrates various order entry actions and FIG. 8 illustrates anexample of using order entry buttons during operation.

FIG. 7 shows an exemplary order entry button 700 that may be activated,for example, by a user's finger 710. The order entry button 700 may belocated on a keyboard, mouse, touch-screen, or other input device. Theorder entry button 700 may be associated with one or more order entryactions.

In various embodiments, an order entry action may include pressing(e.g., represented by the arrow 720) the order entry button 700. Anorder entry action may be performed when the user's finger 710 moves theorder entry button 700 from the “up” state to a “down” state. Forexample, an order entry parameter, such as a price parameter, may be setwhen the order entry button 700 is pressed. In another example, an orderentry action may be enabled by pressing the order entry button 700.

In various embodiments, an order entry action may include holding (e.g.,represented by the holding position 730 shown in FIG. 7) the order entrybutton 700 in a “down” state, for example, for at least anypreconfigured length of time or substantially no real length of time(e.g., just pressing it). The length of time may vary depending on thesystem or depending on user preferences. In an embodiment, the length oftime that the order entry button 700 is held in a “down” state may beused to determine an order entry parameter. For example, holding theorder entry button 700 down for a quarter of a second may set thequantity parameter to a value of “1;” holding the order entry button 700down for half of a second may set the quantity parameter to a value of“5”; or holding the order entry button 700 down for one second may setthe quantity parameter to a value of “10.” The lengths of time in thisexample are for illustration. Any length of time may be used. A displaywindow may be displayed on a trading screen to show how long the orderentry button 700 has been held down or the value that will be set. Inyet another embodiment, holding the order entry button 700 in a “down”state may enable another order entry action. For example, some orderentry actions may be enabled only if the order entry button 700 is beingheld down.

In various embodiments, an order entry action may include releasing(e.g., represented by the arrow 740) the order entry button. An orderentry action may be performed when the user's finger 710 allows theorder entry button 700 to move (e.g., spring) into the “up” state from a“down” state. For example, an order entry parameter, such as a priceparameter, may be set when the order entry button 700 is released. Inanother example, an order entry action may be enabled by releasing theorder entry button 700. In an embodiment in which an order entry actionis associated with releasing an order entry button, there may be aseparate user action (e.g., pressing the Esc key on the keyboard) whichallows the user to release the order entry button without taking theassociated order entry action.

One, some, or all of the various embodiments shown in FIG. 7 may becombined with each other. For example, FIG. 8 illustrates an example ofcombining various embodiments shown in FIG. 7. In FIG. 8, the orderentry button 810, which may be the 3-key on a numeric keypad, isassociated with a price value of “94” and an order type of “buy.” Theorder entry button 820, which may be the 6-key on a numeric keypad, isassociated with a price value of “95” and an order type of “buy.” Theorder entry button 830, which may be the 4-key on a numeric keypad, isassociated with a price value of “96” and an order type of “sell.” Theorder entry button 840, which may be the 7-key on a numeric keypad, isassociated with a price value of “97” and an order type of “sell.” Theassociations or various keys selected is not limited to those shown inFIG. 8. Any association or key may be used. FIG. 8 merely illustratesvarious concepts of some of the embodiments.

In the event that the order entry button 810 is pressed, the priceparameter is set to a price value of “94” and the order type parameteris set to “buy.” The order entry button 810 may be held down to set thequantity parameter. For example, holding the order entry button 810 downfor one second may set the quantity parameter to “5.” Finally, one,some, or all of the price, order type, and quantity parameters may besent when the order entry button is released.

D. Gesture

In various embodiments, a trading device may include a motion detectiondevice, such as a camera, infrared sensor, motion-detection headset, orvision-detection headset, as an input device. The motion detectiondevice may be adapted to detect a gesture. As used herein, a gesture maybe a movement, action, or position of one or more hands, arms, bodies,heads, faces, eyes, mouths, lips, or gesture devices that is expressiveof a thought, desire, idea, opinion, or emotion. Accordingly, one ormore gestures may be order entry actions.

FIG. 9 illustrates a trading device with a motion detection device. FIG.10-FIG. 12 illustrate exemplary gestures.

FIG. 9 illustrates an exemplary trading device 900. The trading device900 may be the same or similar to the trading device 110 of FIG. 1. Asshown in FIG. 9, the trading device 900 may include a motion detectiondevice 910 and a display device 920. Additional, different, or fewercomponents may be provided. For example, the trading device 900 mayinclude multiple motion detection devices, multiple display devices, ora combination thereof. In another example, as will be explained below,the trading device 900 may include a gesture device.

The motion detection device may be a camera, infrared sensor,motion-detection headset, or vision-detection headset, any combinationthereof, or any other device adapted to detect one or more gestures of auser 930. The trading device 900 may be adapted to use the gesture as anorder entry action. The gesture may be used to enable another orderentry action, set one or more order entry parameters, send one or moreorder entry parameters, or any combination thereof.

In various embodiments, the motion detection device 910 is adapted todetect movements and signs made by the user 930. For example, as shownin FIG. 10, an order type parameter may be set to “buy” when a userwaves the user's right hand 1010 to the right (e.g., illustrated by thearrow 1020) and set to “sell” when a user waves the user's right hand1010 to the left (e.g., illustrated by the arrow 1030). Furthermore, theuser's fingers may be used to set additional order entry parameters orsend the various order entry parameters. For example, a quantityparameter may be set to a value of one (1) when the user extends one (1)finger 1040. However, the quantity parameter may be set to a value ofthree (3) when the user extends three (3) fingers 1050. The rationbetween fingers and the value may be a one-to-one ratio or merely anassociated ratio. For example, extending two (2) fingers may set aquantity parameter to a value of five (5).

In other examples, as shown in FIG. 11 and FIG. 12, one or moreconventional open outcry pit trading movements may be performed as orderentry actions. A trading device, for example, with a motion detectiondevice, may allow a trader to trade using these conventional signals.For example, as shown in FIG. 11, palms 1100 that are directed intowards the body indicate the action of buying and, as shown in FIG. 12,palms 1200 that are out indicate selling. Price is indicated at arm'slength away from the body and quantity is displayed close to the face.Numerical quantities of 1-5 are displayed with vertical fingers and 6-9are displayed with horizontal fingers. Quantities of 1-9 are indicatedat chin level whilst increments of 10s are indicated at the forehead.

In various embodiments, a gesture device or controller may be used fortracking or identifying gestures. The gesture device may be a wand,bracelet, ring, controller, or other device that works in conjunctionwith the motion detection device. For example, in various embodiments,the motion detection device is an infrared sensor and the gesture deviceis an infrared controller, for example, including switches that detectwhen the controller is rotated, lifted and tilted. The infrared sensormay detect movements of the gesture device and determine motion.Triangulation may be used to determine motion.

During operation, the infrared controller may send out pulses ofinfrared light. The pulses may be sent on a certain frequency, which maybe defined when the controller and sensor are synced. When the infraredcontroller sends out the pulse, the infrared sensor, for example,sitting on top a display device, receives the pulses at severaldifferent points and times. Using the time and distance from thecontroller to the sensor, the trading device can calculate gestures thetrader is performing using trigonometry. Tilting, which relates to howhigh or low the gesture device is pointing, could be calculated usingmercury switches or other forms of tilt sensors.

Referring back to FIG. 9, the motion detection device 910 may be adaptedto detect which screen that the user 920 is looking at or even whichregion on a single screen the user 920 is looking at. For example, themotion detection device 910 may detect whether the user 930 is lookingat a first computer monitor, a second computer monitor, or a thirdcomputer monitor. The first computer monitor may be displaying a marketdepth tool for tradeable object A. The second computer monitor may bedisplaying a market depth tool for tradeable object B. The thirdcomputer monitor may be displaying a market depth tool for tradeableobject A.

iv. ENABLEMENT

An order entry action may set, send, or set and send one or more orderentry parameters, for example, if the order entry action is enabled. Anorder entry action is enabled, for example, when the order entry actionis operational or activated. An order entry action may be enabled bydefault. However, in other embodiments, an order entry action may beenabled by the same or a different order entry action. For example, insome embodiments, an order entry action, such as moving a cursor acrossan order entry line, is enabled only when an order entry button isselected (e.g., being held in a down state). However, in anotherexample, an order entry action, such as a gesture, is enabled only whenthe order entry action is performed within a detection region. Adetection region may be a region where a motion detection device is ableto detect motion. The spatial region for enablement could be, forexample, the volume in front of a trading screen and within a certainpreconfigured distance of the screen.

v. CONCLUSION

While the inventions have been described with reference to certainembodiments, it will be understood by those skilled in the art thatvarious changes may be made and equivalents may be substituted withoutdeparting from the scope of the invention. In addition, manymodifications may be made to adapt a particular situation or material tothe teachings of the invention without departing from the spirit orscope of the present inventions. Therefore, it is intended that theinventions not be limited to the particular embodiments disclosedherein.

The invention claimed is:
 1. A system including: a trading device,wherein the trading device is configured to display, via a displaydevice of the trading device, a cursor on a graphical user interface ofthe trading device, where the cursor is movable relative to thegraphical user interface in response to a user input; wherein thetrading device is configured to receive, via a user input device of thetrading device, a user input to move the cursor relative to an orderentry area without operation of an order entry button of the user inputdevice; wherein the trading device is configured to detect the userinput; and in response to detecting the user input: the trading deviceis configured to determine an order entry parameter associated with theuser input, the trading device is configured to set the order entryparameter, and the trading device is configured to send the order entryparameter to an exchange system.
 2. The system of claim 1 where themovement of the cursor relative to the order entry area comprisesmovement of the cursor across the order entry area.
 3. The system ofclaim 1 where the user input consists of movement of the cursor via theuser input device for the trading device.
 4. The system of claim 1 wherethe user input comprises an order entry action.
 5. The system of claim 4where the order entry action further comprises movement of the cursorinto an order entry region.
 6. The system of claim 1 where the orderentry area comprises an order entry line.
 7. The system of claim 6 wherethe movement of the cursor comprises movement of the cursor across theorder entry line.
 8. The system of claim 1 wherein the trading device isconfigured to receive a gestural input received via an input device,where the movement of the cursor is in response to the gestural input.9. The system of claim 1 where detecting the user input is performed inresponse to enabling detection of an order entry input.
 10. The systemof claim 9 where the enabling detection of the user input comprisesreceiving a user-selection to enable order entry.
 11. The system ofclaim 10 where the user-selection to enable order entry comprises themovement of the cursor relative to the order entry area withoutoperation of the order entry button.